Namibia Critical Metals Inc. announce the results of its Preliminary Economic Assessment ("PEA") for the Lofdal Heavy Rare Earth Project "2B-4" ("Lofdal" or the "Project") in Namibia. This PEA aims at a significantly larger annual run-of-mine and plant throughput of 2 million tonnes per year and longer mine life than the historical PEA of 2014 by mining from two sub-deposits namely "Pit 2B" and "Pit 4". Further, the processing flow sheet was simplified to a direct flotation of the run-of-mine material and expanded to include a hydrometallurgical unit producing a >98% mixed rare earth oxide as final product instead of xenotime concentrate.

The Lofdal deposit has the potential for significant production of dysprosium and terbium, two of the most valuable heavy rare earth elements. The Project is being developed in joint venture with Japan Oil, Gas and Metals National Corporation ("JOGMEC") targeting a long term, sustainable supply of heavy rare earths to Japan. The Lofdal Heavy Rare Earths deposit represents a district-scale (20 km x 10 km) heavy rare earth element (HREE) mineralisation in subvolcanic hydrothermal alteration zones.

While high grade zones (>0.2% HREE) occur locally, the majority of the deposit resembles tens of meters wide and kilometer-long zones of low grade HREE-mineralisation with an average grade of about 0.1% HREE. In order to develop the Lofdal project into a long-term producer of HREE, the Company focussed recent processingtest work on cost-efficient technologies to upgrade lower grade material aiming at effects of economy of scale in a potential large-scale mining operation. The Company mined a total of 34,500 tonnes of mineralised material from a starter pit in the central Area 4 deposit in October 2021 (Press release 29 November 2021).

A 500 tonne sample was taken from the mineralized zone at a depth between 12 and 15 metres in order to minimize effects of surface related oxidation. The material was blended to provide homogenized samples which are representative of the wider deposit at a grade of about 0.187% TREO for bulk sample test work.